213. How to start money

exchange business in India

Question: dear sir or mam, pls tell me what the procedure for forex money exchange license, i want to start the business money exchange in Haryana region pls explain briefly asap With Regards Pawan Kumar Answer: FFMC License is required and is issued by the Reserve Bank of India. To apply, you need to submit the appropriate form (Click HERE to view sample) The applicant for FFMC license has to be a company registered under the Companies Act 1956. The minimum net owned funds required to be considered for FFMC license for a single branch operation is Rupees 25 lakh and for multiple branch operation the requirement is Rupees 50 lakh. A accountant should be able to advise you on how to fill and submit your application as well as any additional requirements in Haryana.